Marvel is about to close a deal to direct Dr. Strange, and it looks like Scott Derrickson - director of the The Day The Earth Stood Still remake and Sinister - is the man for the job. The white man for the job, because this is movie making at the blockbuster level and white guys aren't giving this one up just yet.
I had heard that Derrickson wanted to take a swing at the script, and it's interesting that there is no writer announced in the Variety story. I have also heard that Marvel likes (or liked, I don't know what the current status of this is) Jared Leto for Stephen Strange. God help us all if that's true.
Think of Dr. Strange sort of like Iron Man: Magic Style. Stephen Strange is a high class, cocky nuerosurgeon who gets into an accident and hurts his hands badly enough to end his career. He travels to the Himalayas and becomes a student of The Ancient One and learns magic. Eventually he becomes Earth's Sorcerer Supreme, protecting it from all manner of mystical threats, especially the Dread Dormmamu, who has been the villain in previous drafts of the script.
I imagine that Phase Three in its whole will become known to us in July, when Marvel will surely announce it all from the stage in Hall H. Expect Derrickson - and whoever is playing Strange - to take that stage.
In the meantime Marvel is still scrambling to fill an Ant-Man sized hole and start shooting that film in July.